MOSCOW, January 26. /TASS/. Russia should calculate the risks of growing of oil and gas production in the US and be ready for tough competition on the markets, Russian Economic Development Minister Maxim Oreshkin said in an interview with Rossiya 24 television channel following a speech by US President Donald Trump in Davos.
"The main conclusion for us is that America will continue to increase both oil production and gas production. The competition in these markets will be tough, at the same time it will act as a kind of a deterrent of the growth of oil prices and create some risks," the minister said, noting that Russia should calculate, carefully monitor these risks and should not wait for any gifts."
Speaking at the World Economic Forum in Davos on Friday, US President Donald Trump said that the US abolished the previously imposed self-restrictions on the extraction of energy resources, which will contribute to ensuring the energy security of their allies around the world.
Earlier, US Energy Secretary Rick Perry said that by 2018, the US should turn from an importer to an exporter of liquefied natural gas (LNG). The US also intends to become one of the key LNG suppliers in the world, supplying it not only to Asia, but also to the countries of Central and Eastern Europe by 2020, he said.
Speaking at the main energy session in Davos, Saudi minister Khalid al-Falih and Russia’s Energy Minister Alexander Novak said that the growth in the production of shale oil in the US does not threaten the market. The US minister agreed with this saying that the demand will absorb the growth in production. He also stressed that Russia and the United States can cooperate in energy, despite the sanctions regime.
The International Energy Agency expects explosive growth in the production of shale oil in the US by 260,000 barrels per day, up to 10.4 million barrels per day, which is a record indicator since 1970. Thus, production in the US may exceed production in Saudi Arabia and reach the level of production in Russia.